White Oil Market Size

White Oil Market size is expected to cross USD 3 Billion by the end of 2035, growing at a CAGR of 5% during the forecast period, i.e., 2023-2035 . In the year 2022, the industry size of white oil USD 2 Billion. The growth of the market can be attributed to the increasing demand for electric vehicles. In reality, white oil is necessary for electric automobiles. Although the majority of electric vehicles are powered by electricity, many of them use lithium batteries, which need, well, lithium, also known as white oil. By 2030, there are likely to be about 40 million EVs in Europe. Nonetheless, imports of lithium for batteries account for practically all of the continent's lithium supply.

In addition to these, factors that are believed to fuel the market growth of white oil include the rising demand for medicines for various diseases, moreover, this demand is also propelled by rising cases of chronic diseases. White oil is used as mineral oil for the formulation of various tablets and capsules. Pharma distributors and merchants noted that they anticipate a jump in demand of at least 30% for chronic treatment drugs such as those for diabetes and hypertension before the price hike. Furthermore, throughout the following three years, to 2026, a total of 300 new medications are anticipated to be released.

Frequently Asked Questions (FAQ)

Increasing use of white oil in the manufacturing of personal care products, plastics, the automobile sector, and pharmaceuticals are the major factors driving the market growth.

The market is anticipated to attain a CAGR of 5% over the forecast period, i.e., 2023-2035.

Lack of raw material, presence of various substitutes, and environmental threats owing to excessive mining of white oil are estimated to be the growth hindering factors for the market expansion.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market are Calumet Specialty Products Partners, L.P, Chevron Corporation, ExxonMobil Corporation, Petro-Canada Lubricants Inc., Renkert Oil, Atlantic Performance Oils, Sasol, Sonneborn LLC, H & R GROUP, NYNAS AB, and others.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by product type, application, grade, and by region.

The personal care segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

White Oil Market Size